Bitcoin Races Past $65K as Trump Declares Iran Deal Done, Hormuz Set to Reopen 🛢️

Bitcoin climbed toward $66,000 during Monday morning trading after U.S. President Donald Trump said the United States had finalized a peace deal with Iran that would reopen the Strait of Hormuz. "The deal with the Islamic Republic of Iran is now complete. Congratulations to all!" Trump posted on Truth Social late on Sunday. He added, "I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade." In a separate post, Trump stated, "With the opening of the Strait upon the signing of the deal on Friday [...] oil will flow on both ends again for the region, and the World!"

The announcement was mediated by Pakistan, with Pakistani Prime Minister Shehbaz Sharif saying on X, "We are closer to a peace deal than ever before. With finalisation likely expected in the next 24 hours, Pakistan is preparing for the electronic signing of the peace deal immediately after, followed by technical level talks next week." Sharif later confirmed a formal signing ceremony is scheduled for Friday, June 19, in Switzerland, adding, "Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon." Iran's deputy foreign minister, Kazem Gharibabadi, confirmed the agreement on state television, and the secretariat of Iran's Supreme National Security Council said the war on all fronts "will end immediately and permanently beginning tonight" and that the U.S. blockade "will be terminated immediately and in full." Earlier, Iranian Foreign Minister Abbas Araghchi said on X that the Islamabad MOU "has never been closer," though Iran's Foreign Ministry spokesperson Esmaeil Baghaei told state media the memorandum "will not be signed tomorrow" and could happen "in the coming days." The Islamic Revolutionary Guard Corps also said the framework was not yet finalized, and the dispute over timing left markets watching for confirmation when trading resumed Monday.

Bitcoin ($BTC) reached $65,881 on Coinbase, the highest level in 12 days, according to TradingView. One source reported $BTC trading near $65,700 with a 2% 24-hour gain, while other figures cited included $64,491 (up 1.5% over 24 hours), $64,460 (up about 1.56%), and $64,100 earlier in the rally. Bitcoin had dipped below $59,000 on June 6 and remained 48% below its October peak above $126,000. U.S. spot bitcoin ETFs recorded $85.9 million in net inflows on Friday, the largest daily inflow since May 14, though CoinShares head of research James Butterfill told Cointelegraph on Wednesday that recent outflows from digital asset investment products were being driven primarily by geopolitics. Spot Bitcoin ETFs recorded about $315.84 million in net outflows for the week ended Friday, the fifth consecutive week of outflows. Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph the potential deal "removes a major geopolitical risk premium, triggering a clear risk-on move as uncertainty fades," adding, "Bitcoin has broken above $65,000, fueled by traders rotating back into crypto amid lower oil pressure and a broader stability narrative under a pro-crypto administration." Crypto analyst Michaël van de Poppe said, "Liquidity will pour back into risk-on assets as liquidity will seek for an opportunity and after SpaceX IPO was done, most likely this will go towards crypto."

WTI crude oil fell nearly 5% to just over $80 per barrel, its lowest level since early March, while Brent crude dropped 4.6% to $83.30. Nasdaq 100 futures were higher by 1.5% and S&P 500 futures rose 0.9%, with veteran trader Peter Brandt predicting a S&P 500 rally to $7,904 in the coming weeks. In a post on Truth Social, Trump wrote, "Barack Hussein Obama's Deal with Iran, the JCPOA, was an easy, beautiful, smooth road to a Nuclear Weapon," and "My Agreement with Iran is the exact opposite, A WALL TO NO NUCLEAR WEAPON!" He also said, "The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL." The memorandum extends the ceasefire for 60 days, begins a 60-day negotiating period on Iran's nuclear program, lifts the U.S. naval blockade, and reopens the Strait of Hormuz, which carries about one-fifth of global oil and liquefied natural gas traffic. The Pentagon has warned that fully clearing Hormuz mines could take up to six months.